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A new academic building and a renovation of the Kresge Business Administration Library are part of a $135 million construction project approved Thursday by the University of Michigan Board of Regents.

To accommodate the new 104,000-square-foot building on the Stephen M. Ross School of Business campus, the Computer and Executive Education building will be demolished.

The new yet unnamed building will have classrooms, study space and faculty and research offices.

Construction timelines and many other project details have not been set because the board must still approve the design as well as bid for contractors, said Rick Fitzgerald, UM's associate director of public affairs.

The project will be paid for by gift funds, including $100 million from Stephen M. Ross, a UM alumnus and New York real estate developer.

The project also includes exterior renovations to Sam Wyly Hall, the Business Administration Executive Dormitory and the Hill Street Parking Structure.

New York City-based architecture firm Kohn Pedersen Fox Associates PC will design the project, which is expected to create 155 on-site construction jobs.